Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
Our experienced Corporate Finance team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
Our Digital Risk team offer advisory and consulting solutions that give our clients peace of mind, clear value for money and an enhanced ability to react to cyber attacks.
Our Digital Transformation team work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
Forensic and Investigation Services
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
Objectives and Key Results (OKRs)
Objectives and Key Results (OKRs) is a goal setting framework that helps teams, individuals and organisations set and track measurable goals.
People and Change Consulting
Our People & Change Consulting team help clients adapt to the changing nature of the workforce - how they attract, retain, engage, develop, deploy and lead their people.
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
Our outsourced payroll teams become your dedicated payroll department, aiming to process your payroll in the most cost effective and compliant manner.
Grant Thornton's reliable and cost-effective outsourcing services help you streamline your business operations by taking care of your workload.
Audit and Accounting Advisory
Our Audit and Accounting Advisory team takes the headache out of multi-jurisdictional audit compliance requirements as well as technical compliance with accounting standards and legislation for clients.
Business Process Outsourcing
Grant Thornton’s Business Process Outsourcing (BPO) team serves the needs of rapidly growing mid-tier multinationals operating out of Ireland and other hubs through the provision of services across the full range of finance functions.
Flexible People Solutions
At Grant Thornton, our Financial Accounting and Advisory Services (FAAS) department have a dedicated team that help finance functions maximise efficiency.
Global Compliance & Reporting Solutions
Our Global Compliance & Reporting Solutions service offering covers a full suite of compliance services including financial statement preparation and related filings, dual bookkeeping, direct and indirect tax, statistical returns and payroll.
Global Payroll Solutions
At Grant Thornton, we meet the challenges of our clients. Our Global payroll compliance service offering is tailored to meet all your payroll requirements through a single point of contact.
Grant Thornton Financial Counselling
Grant Thornton Financial Counselling (GTFC) comprises a team of highly qualified professionals who offer financial advice to individuals and corporates across a range of areas including savings, investments, pension planning, and inheritance and succession planning.
Our services on Inheritance Planning mirror those on Succession Planning whereby the foundations of the plan are derived from meaningful conversations with those that wish to pass on or protect their asset base.
Personal Tax Compliance & Planning
The Grant Thornton Personal Tax team helps clients remain compliant and up to date with all of their tax obligations whilst ensuring that they are solutions driven and manage their finances in the most tax efficient way possible.
We have extensive experience guiding our clients successfully through the succession process. This involves advice on both the qualitative and quantitative aspects of the process. While there is a business at the core of each succession plan we advise on, it is all predicated on understanding the people and their respective wishes.
Grant Thornton’s Company Secretarial team contains qualified Company Secretaries. Clients are assured that they will meet all of their obligations under the Companies Acts and other relevant legislation and regulations.
Our Corporation Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic, international, and financial services clients. We place a strong emphasis on direct service to clients and we pride ourselves on the close personal relationships we build and the deep understanding of their businesses we develop
Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
The Grant Thornton Tax Advisory team blends commercial experience and knowledge with tax expertise to advise clients on the full range of transactions including sales, mergers, restructurings and succession planning.
Our Tax Incentives team help clients access vital cash funding and tax incentives to enable them to achieve their growth ambition.
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
Real Estate Tax Advisory
The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
Subscribe to our mailing list
Update your subscriptions for Grant Thornton publications and events.
In this bulletin, the CBI has provided its observations on a number of significant and widespread deficiencies across authorisation applications received from VASPs where roughly 90% of all applications are not meeting the required standard.
The result of these deficiencies is that the CBI is not satisfied that firms will be able to effectively manage and mitigate the Money Laundering (‘ML’) and Terrorist Financing (‘TF’) risks they face. VASPs brought within the scope of Anti Money Laundering and Countering the Financing of Terrorism (AML / CFT) Supervision following the updating of the Criminal Justice (Money Laundering and Terrorism Financing) Act in April 2021, and as such are required to meet the obligations set out therein. Important to note that VASPs are supervised by the CBI for AML/CFT purposes only - so this bulletin carries even more significance.
Key observations on applications
A number of authorisation applications were incomplete as they did not contain the required information and documentation (e.g. submitting a copy of the internal risk register in place of a documented risk assessment or submitting policies with no related procedures). These applications were not progressed to the assessment stage.
Applications which progressed to the assessment stage also displayed a number of recurring issues.
Firms should underpin their AML/CFT framework with a ML / TF Business Risk Assessment which documents the specific ML/TF risks posed by their products, customers and activities.
The CBI found that a number of firms did not appropriately assess ML / TF risks, at both an inherent and residual level, related to their customers and / or business activities. Firms also did not consider risk factors as set out in the Irish national risk assessment or CBI AML/CFT Guidelines for the Financial Sector.
Policies and Procedures
A firm’s AML / CFT framework should include a detailed suite of policies and procedures. These policies and procedures should reflect operational practices and align with all legal and regulatory requirements.
Firms should understand the risks posed by their customers, and should collect appropriate documentation to identify and verify the identity of customers, along with any beneficial owners. Firms should understand the customer’s intended purpose for the account or service, and the expected activity. Firms are also required to identify customers that are Politically Exposed Persons (‘PEPs’) as part of the CDD process to ensure they fully understand the risks arising from the customer relationship.
Financial Sanctions Screening
The CBI expects that firms implement an effective screening system to identify sanctioned parties. This system should be supported by clear escalation procedures should a firm identify a positive match.
Several applicant firms failed to document how they would conduct customer screening (i.e. what tool or reg-tech solution would be implemented). A number of firms also failed to document the frequency of customer screening, along with how and what steps would be taken in the event of a positive sanctions match.
Whilst firms may outsource certain AML/CFT functions, they remain ultimately responsible for ensuring compliance with their legal obligations. Any outsourced activities should be supported by a documented agreement of obligations on the outsourced service provider, with details of how oversight will be maintained by the firm throughout the course of the agreement.
While a number of applicant VASP firms outsource certain AML / CFT functions, the CBI found that the applications did not include outsourcing policies, procedures, or service level agreements. Firms also failed to demonstrate oversight or assurance testing of outsourced activities.
Presence and Pre-Approval of Controlled Function role holders
It is the CBI’s expectation that a firm has at least one employee in a senior management role located in Ireland to act as point of contact with the CBI. Failure to appropriately meet this requirement may lead to the refusal of an application.
In addition, a number of firms also failed to submit Individual Questionnaires for the proposed Pre-Approval Controlled Function (PCF) role holders in a timely manner.
How can we help?
Grant Thornton understands the challenges faced by VASPs in meeting the CBI and regulatory expectations with respect to AML / CFT. We are well positioned to support firms in addressing these challenges, with a team over 75 + financial crime specialists with deep regulatory and industry experience.